The Laser Drilling Market is anticipated to register significant growth due to increasing demand for portable electronic devices that require greater precision for the purpose of designing. Laser drilling is the process of creating thru-holes by repeatedly pulsing focused laser energy on a material.
Drilling Laser is also able to penetrate rocks with higher precision and efficiency that makes it a useful option in both geothermal and the oil and gas drilling activities. According to researchers, laser drilling process have higher precision and faster penetration rate. Use of lasers in oil and gas and geothermal applications can be helpful to drill or cut through rocks and stones by causing minimal environmental degradation. Utilizing laser technology is likely to reduce the drilling time and result in the minimal negative impact on the environment. Laser drilling machine is currently being used in printed circuit boards and aerospace related applications.
Oil and gas drilling activities are creating opportunities for laser drilling market whereas the growing demand for portable electronic devices is a major growth driving factor of the market. Rising adoption of laser drilling in various applications especially aerospace and automotive industry are the other growth drivers of the market. The market for laser drilling has been focusing on latest techniques and to improve the drilling laser services. However, high capital investments and generation thermal effects due to the operation are the major restraints for the market.
Asia-Pacific is estimated to have the highest growth as it have high usage rate of laser drills followed by North America and Europe. Rising demand in Asia-Pacific for laser drills is also expected to increase the growth rate during the forecast period. North America and Europe are expected to register the significant growth by the end of the forecast period. Among all the segments, electronic industry is estimated to register the largest market share by end of forecast period.
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